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Fixed rates recede

adjustables ascend

WASHINGTON — Rates on 30-year and 15-year mortgages around the country edged down for the second week in a row, while rates on one-year adjustable mortgages rose sharply.

The average interest rate on 30-year fixed-rate mortgages dipped to 7.03 percent, down from 7.08 percent last week, according to a nationwide survey released Thursday by Freddie Mac, the mortgage company. It was their lowest since 7.01 percent in the April 6 week. Fifteen-year mortgages fell to 6.58 percent this week, compared with 6.65 percent the previous week and the lowest since 6.55 percent in the April 13 week.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.72 percent, up from 5.62 percent.